Marketing Your MedTech Startup Begins on Day Zero
In Australia the MedTech and Digital Health industry is on fire at the moment and the blossoming of exciting startups is no exception. You only need to peruse Twitter or spend a few minutes on Google to see that a plethora of industry groups, federal grants, incubators and the availability of seed funding is helping to fuel the development of ambitious products from grass roots to fruition.
The minister for health just announced a $10 million investment from the Australian Government’s $35 million BioMedTech Horizons program (and a huge congratulations to the recipients). These sort of investments are extremely encouraging and are helping to build an industry which looks poised to make Australia a global leader in the space.
A common trait for many startups is that in the early days marketing is often placed at the bottom of the list. It’s a natural behaviour when you think about it — founders are focused on creating a proof of concept; developing, validating, optimising and iterating to produce working prototypes and realise a Minimum Viable Product (MVP). For the successful the focus eventually shifts to forming the relationships that are necessary to facilitate early business growth and scale up production. Before this point there is not much use in focusing on selling something that doesn’t yet exist… or is there?
The fact is that marketing should start at the very begining — because the early adopters your startup needs won’t necessarily be hooked by your product alone. They also want to dig in and follow a good story from rags to riches, involving real people. All the hard work, blood, sweat and tears that go into realising the final product are part of a narrative that tells the tale of a unique journey. It builds empathy, understanding and appreciation amongst your ideal customers, which nurtures them into becoming advocates of your entire brand.
Consider also the need to raise capital before actually getting to market. This is a likely scenario and, when it does happen, having a solid foundation, clear value proposition, consistent branding and an existing digital footprint will make your pitch to investors (who will do their homework) all the more compelling.
So how can you efficiently market your startup without detracting from the important work involved with actually building your product? It starts with setting up the right marketing stack which provides the best bang-for-buck in terms of your time. Ideally you should establish:
1. A website and blog
2. Social Media & Communications Strategy
3. Branding and positioning
We can help with all of this and our fixed fees for startups are predictable and affordable. But free is good too right? Whilst we’d be happy to help you get going, if you’re on a tight budget and have time and technical skills to spare, have a read of our guide on Marketing for Startups and do it yourself!